Jessica Biel ("New Year's Eve"), Jeffrey Dean Morgan ("Watchmen") and Chloe Grace Moretz ("Hugo") have reportedly signed on to star in the New Orleans-set drama "The Devil and the Deep Blue Sea," with Biel squeeze Justin Timberlake set to compose the film's soundtrack and serve as music supervisor.

Chloe Grace Moretz, left, and Jessica Biel are set to star in 'The Devil and the Deep Blue Sea,' a New Orleans-set drama set to start shooting in October 2012.

Biel will also serve as a producer on the film, announced this morning at the Cannes Film Festival by AngelWorld Entertainment -- which will provide the financing for the film -- and reported this morning by Deadline and The Hollywood Reporter.

The project, to be directed by Bill Purple, is expected to begin principal photography in October. According to the film's IMDB listing, it will shoot in New Orleans, which makes sense given the setting in the synopsis provided by The Hollywood Reporter: "Set in New Orleans, 'Deep Blue Sea' follows Henry (Morgan), a grieving widower who recently lost his wife (Biel) in a car accident, as he finds refuge by helping a wisecracking young girl (Moretz) fulfill her dream of building a raft and sailing across the Atlantic Ocean."

"The Devil in the Deep Blue Sea" is the second major feature announced by AngelWorld in as many days at this year's Cannes Film Festival. Two days ago, it announced the creation of a $150 million equity fund with First Bank Wall Street. One day later, it announced plans for a "sexy comedic drama" titled "The Big Shoe," which will star Susan Sarandon and Jim Sturgess.

Assuming it shoots in town, "The Devil and the Deep Blue Sea" will mark a return to New Orleans for Morgan. He shot the yet-to-be-released "The Courier" -- also a crime thriller -- in town in October 2010.